REUTERS: Investment management platform Titan raised US$58 million in a funding round led by venture capital giant Andreessen Horowitz's cryptocurrency fund, with participation from celebrities Kevin Durant, Odell Beckham Jr, Jared Leto and Will Smith.
Titan's mobile-first investment platform, aimed at providing expert capital management to everyday investors irrespective of their wealth, saw more than six-fold growth over the past year, the company said on Tuesday.
Its assets under management are expected to cross a billion dollars later this year, Titan said.
Capital raised so far, including the latest funding, totals US$75 million, Titan said, adding that existing investors including General Catalyst, BoxGroup and Ashton Kutcher's Sound Ventures also participated in the funding round.
The funds raised will be used to further develop Titan's platform, build a suite of investment products and scale Titan's core functional teams, the company said.
"Traditional investment management vehicles remain the tech-equivalents of VHS tapes. The industry needs a new operating system," said Joe Percoco, co-founder and co-chief executive officer of Titan.
Horowitz's cryptocurrency fund a16z's general partner, Anish Acharya, will join Titan's board.
(Reporting by Sohini Podder; Editing by Shinjini Ganguli)